Number of Horses ​

question 33

Short Answer

Number of Horses ​
The random variable X represents the number of horses per family in a rural area in Iowa,with the probability distribution: p(x)= 0.05x,x = 2,3,4,5,or 6. ​ ​
-{Number of Horses Narrative} Find the expected number of horses per family.

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Definitions:

Business Cycle Peak

The business cycle peak is the point at which an economy transitions from a period of expansion to a period of contraction, marking the highest level of economic activity before a downturn.

Cyclical Unemployment Rate

The rate of unemployment caused by changes in the economic cycle, such as recessions or expansions.

Frictional Unemployment Rate

Frictional Unemployment Rate refers to the percentage of the labor force that is voluntarily moving between jobs, careers, or locations.

Structural Unemployment Rate

The long-term and chronic unemployment that exists even when the economy is at its productive best, often due to mismatches between skills and job requirements.